amazon_q1_2023.txt

AMAZON.COM ANNOUNCES FIRST QUARTER RESULTS
SEATTLE—(BUSINESS WIRE) April 27, 2023—Amazon.com, Inc. (NASDAQ: AMZN) today announced financial results
for its first quarter ended March 31, 2023.
• Net sales increased 9% to $127.4 billion in the first quarter, compared with $116.4 billion in first quarter 2022.
Excluding the $2.4 billion unfavorable impact from year-over-year changes in foreign exchange rates throughout the
quarter, net sales increased 11% compared with first quarter 2022.
• North America segment sales increased 11% year-over-year to $76.9 billion.
• International segment sales increased 1% year-over-year to $29.1 billion, or increased 9% excluding changes
in foreign exchange rates.
• AWS segment sales increased 16% year-over-year to $21.4 billion.
• Operating income increased to $4.8 billion in the first quarter, compared with $3.7 billion in first quarter 2022. First
quarter 2023 operating income includes approximately $0.5 billion of charges related to estimated severance costs.
• North America segment operating income was $0.9 billion, compared with operating loss of $1.6 billion in
first quarter 2022.
• International segment operating loss was $1.2 billion, compared with operating loss of $1.3 billion in first
quarter 2022.
• AWS segment operating income was $5.1 billion, compared with operating income of $6.5 billion in first
quarter 2022.
• Net income was $3.2 billion in the first quarter, or $0.31 per diluted share, compared with net loss of $3.8 billion, or
$0.38 per diluted share, in first quarter 2022. All share and per share information for comparable prior year periods
throughout this release have been retroactively adjusted to reflect the 20-for-1 stock split effected on May 27, 2022.
• First quarter 2023 net income includes a pre-tax valuation loss of $0.5 billion included in non-operating
expense from the common stock investment in Rivian Automotive, Inc., compared to a pre-tax valuation loss
of $7.6 billion from the investment in first quarter 2022.
• Operating cash flow increased 38% to $54.3 billion for the trailing twelve months, compared with $39.3 billion for
the trailing twelve months ended March 31, 2022
Free cash flow improved to an outflow of $3.3 billion for the trailing twelve months, compared with an outflow of
$18.6 billion for the trailing twelve months ended March 31, 2022.
• Free cash flow less principal repayments of finance leases and financing obligations improved to an outflow of
$10.1 billion for the trailing twelve months, compared with an outflow of $29.3 billion for the trailing twelve months
ended March 31, 2022.
• Free cash flow less equipment finance leases and principal repayments of all other finance leases and financing
obligations improved to an outflow of $4.5 billion for the trailing twelve months, compared with an outflow of $22.3
billion for the trailing twelve months ended March 31, 2022

“There’s a lot to like about how our teams are delivering for customers, particularly amidst an uncertain economy,” said Andy
Jassy, Amazon CEO. “Our Stores business is continuing to improve the cost to serve in our fulfillment network while
increasing the speed with which we get products into the hands of customers (we expect to have our fastest Prime delivery
speeds ever in 2023). Our Advertising business continues to deliver robust growth, largely due to our ongoing machine learning
investments that help customers see relevant information when they engage with us, which in turn delivers unusually strong
results for brands. And, while our AWS business navigates companies spending more cautiously in this macro environment, we
continue to prioritize building long-term customer relationships both by helping customers save money and enabling them to
more easily leverage technologies like Large Language Models and Generative AI with our uniquely cost-effective machine
learning chips (“Trainium” and “Inferentia”), managed Large Language Models (“Bedrock”), and AI code companion
CodeWhisperer. We like the fundamentals we’re seeing in AWS, and believe there’s much growth ahead